Trading Outlook: S&P 500, DXY, Gold/Silver, Crude Oil & More (Webinar)
Below are Paul’s upcoming webinars for next week, each starting at 10 GMT:
To see a full line-up of upcoming live events, please see the Webinar Calendar.
The US Dollar Index (DXY) is attempting to hold key support in the 100.80/50 vicinity, which if it does will put pressure on the Euro which is trading around sizable resistance as well. GBP/USD is caught between intersecting support and resistance, needs to break free one way or another to gain momentum. On the cross-rate front, we’re no longer bearish EUR/AUD as it has come down and held support; EUR/NZD downside still in play, though.
Gold is currently testing the critical area around 1200, while silver has a ceiling in place just over 17. The confluence of DXY at support and precious metals squaring off against resistance is making for an interesting dynamic. A turn lower in gold below yesterday’s low at 1190 would be of interest from the short-side.
WTI Crude oil broke below and back above a key inflection zone on the daily charts, making things a little murky. The overall price action in recent weeks, though, is looking increasingly bearish. The market positioned heavily long adds to the case for shorts. Short-term chart presents bearish too.
Risk appetite for stocks, globally, is holding, and in the case of the FTSE 100, strong. The UK index is bolstered by a weak pound, making record highs in record fashion. It does have a confluence of top-side trend-lines, though, which could put a lid on the advance. The DAX and CAC 40 continue to consolidate within the context of an uptrend and viewed bullish until price action indicates otherwise. The S&P 500 is on the verge of a bullish pattern after yesterday’s rejection on a drop below the November trend-line. Watching for a confirmed breakout.
For full technical considerations, please see the video above.
---Written by Paul Robinson, Market Analyst
You can receive Paul’s analysis directly via email by signing up here.
You can follow Paul on Twitter at @PaulRobinonFX.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.